A New Tax System (Goods and Services Tax) Act 1999
Note:Division 129 - Changes in the extent of creditable purpose Subdivision 129-C - When adjustments for acquisitions and importations arise 129-50 Creditable purpose (1)
You * apply a thing for a creditable purpose to the extent that you apply it in * carrying on your * enterprise . (2)
However, you do not * apply a thing for a creditable purpose to the extent that:
(a) the application relates to making supplies that are * input taxed ; or
(b) the application is of a private or domestic nature. (3)
To the extent that an * application relates to making * financial supplies through an * enterprise , or a part of an enterprise, that you * carry on outside the indirect tax zone, the application is not, for the purposes of paragraph (2)(a) , treated as one that relates to making supplies that would be * input taxed .
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